General Electric to Cut 12,000 Jobs

General Electric to Cut 12,000 Jobs

General Electric to Cut 12,000 Jobs

Washington, Dec 7 (Prensa Latina) US corporation General Electric announced today the elimination of 12,000 jobs in its power branch GE Power as part of a restructuring plan.

Through the transformative initiative, the entity, mired in financial problems, pretends to save 3.5 billion dollars in a year.

The largest number of job cuts, the company said, will occur outside the United States.

According to the head of GE Power, Russell Stokes, this decision is painful, but it is necessary to react to the deceleration of the energy market, which generates less volume in products and services.

This subsidiary had businesses for 27 billion dollars last year and at the beginning of 2017, it employed 57,000 people, almost one-fifth of the 295,000 General Electric workers at the end of 2016.

Traditional energy markets (gas and coal) are experiencing a slowdown, especially due to overcapacity, low utilization rates, an increase in the number of thermoelectric closures and the development of renewable energies, according to press reports.

In this context, General Electric General Manager John Flannery decided to refocus the group on three activities: aeronautics, health, and energy.

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General Electric to Cut 12,000 Jobs

Washington, Dec 7 (Prensa Latina) US corporation General Electric announced today the elimination of 12,000 jobs in its power branch GE Power as part of a restructuring plan.

Through the transformative initiative, the entity, mired in financial problems, pretends to save 3.5 billion dollars in a year.

The largest number of job cuts, the company said, will occur outside the United States.

According to the head of GE Power, Russell Stokes, this decision is painful, but it is necessary to react to the deceleration of the energy market, which generates less volume in products and services.

This subsidiary had businesses for 27 billion dollars last year and at the beginning of 2017, it employed 57,000 people, almost one-fifth of the 295,000 General Electric workers at the end of 2016.

Traditional energy markets (gas and coal) are experiencing a slowdown, especially due to overcapacity, low utilization rates, an increase in the number of thermoelectric closures and the development of renewable energies, according to press reports.

In this context, General Electric General Manager John Flannery decided to refocus the group on three activities: aeronautics, health, and energy.